As COP22 began in Marrakesh last week, S&P Global Ratings published a new report which examines the low carbon agenda progress, made globally, since COP21 in Paris last year.

The green bond market has grown at an impressive rate in the past year, with issuance up 50% in 2016 on last year’s totals. In addition, the proceeds from green bonds are also diversifying, the report indicates that S&P is seeing an increase in water, waste, and adaptation-focused bonds, yet away from renewable energy investment.

Trends in green infrastructure investment show the need for a significant scaling up of both public- and private-sector capital flows to meet the 2-degree target.

Many governments will need to begin sourcing the financing required to meet their climate pledges. France will be the first sovereign to issue a green bond in 2017, with a proposed €3 billion green bond issuance intended to reach €9 billion by 2019.

The Global Commission on the Economy and Climate estimates that US $80 to $90 trillion will be required over the next 15 years for necessary infrastructure investment to reach climate change goals. Another US $90 billion will be necessary to reach the Paris Agreement’s Green Climate Fund’s US $100 billion target for climate change adaption and mitigation in developing countries.